About the Topic

This lecture sample from Ideal Classes covers the topic - Elasticity of Demand.
In common language demand is a desire but in economics any desire cannot be regarded as demand. Demand is a desire which is supported by ability and willingness to pay the price. Thus, demand implies :
1. Desire for a commodity.
2. Ability to pay its price.
3. Willingness to pay the price.
When all above three conditions are present commodity will be purchased. When a commodity is purchased it becomes demand.
Demand is a relative term. It is related to price and time. Thus, demand can be defined as amount of a commodity purchased at a certain price per unit of time...

Overview CA CPT - Economics - Elasticity of Demand - Ideal Classes

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